Former U.S. President Donald Trump commented on the future of crypto, jokingly suggesting it could be used to pay off the country’s national debt.
What Happened: At a recent fundraising event, Trump tongue-in-cheek commented on crypto’s potential to pay the growing U.S. national debt.
Asked about crypto's future, he said, "I think it's a good future. If you look at how far it’s come, I think it has a great future, it really does." He added, "Maybe we'll pay off the $35 trillion. "I'll write out a little piece of paper, 35 trillion crypto. We have no debt. Right? That's what I like."
Polymarket data shows Kamala Harris leading the election betting odds by a narrow 50.8% to 47.7% margin. The Vice President also commented on the future of digital assets at a Manhattan fundraiser, adding it to “innovative technologies” like artificial intelligence that are worth supporting.
Why It Matters: Last week, Trump announced his latest crypto-related business venture, World Liberty Financial, in cooperation with his sons, Donald Trump Jr. and Eric Trump and two little-known crypto entrepreneurs.
In another step to show his acceptance of crypto, Trump used Bitcoin BTC/USD to pay for his meal at a New York City bar. Google Trends data indicated that the search interest for the words "Donald Trump Crypto" spiked to the highest level in the past 90 days.
In July 2019, Trump had said that unregulated crypto assets like Bitcoin and others can "facilitate unlawful behavior, including drug trade and other illegal activity" but has since pivoted 180 degrees on his position.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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